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A citizens bond issue study committee was created in early 2010. This group of 16 citizens (two appointed by each council member, with two more by the mayor) worked diligently, pouring over financial records, asking city department heads hard questions, touring facilities, holding public meetings for other citizen input, and after almost six months selected these projects as the most critical for the city to address at this time. They then submitted their final list to the City Council.

2011 Bond

A bond election is when the city leverages, in this case already levied property taxes millages (what you pay) to receive funds for larger capital projects, such as roads, bridges, sewerage, etc., that are too expensive to pay through the annual operating budget.

On April 2, voters will be asked to review three separate propositions to secure / solidify, repair / replace or renovate portions of the city’s problematic infrastructure. The three proposals total $175 million, but because the current debt services level of the city is the lowest since 1992, all can be done with no new or additional tax.

A citizens bond issue study committee was created in early 2010. This group of 16 citizens (two appointed by each council member, with two more by the mayor) worked diligently, pouring over financial records, asking city department heads hard questions, touring facilities, holding public meetings for other citizen input, and after almost six months selected these projects as the most critical for the city to address at this time. They then submitted their final list to the City Council.

Yes. The 26.56 mills (lowest since 1990) designated for the Debt Service Fund can only be used to pay on general obligation bonds. Additionally, the Citizen’s Bond Issue Study Committee purposely left an additional $113 million in residual bonding capacity that could be bonded in the event of a city-wide emergency in the future. This amount could also be added without an increase in taxes.

The annual property tax (estimated at $37 million) used to leverage against any current or future bond amount may be enough to do a few projects a year, but is not enough for major overhauls to complete systems at one time, which is now required.

The situation is similar to if you were to buy a house and leverage what your income is, and will be against the total amount. It would not make sense to build your home one year at a time with only the funds you saved that year, would it? So, you took out a loan, leveraged with your future earnings and bought a completed house. This works the same way.

The general fund is used primarily for year-to-year operations costs and is heavily dependent and sales taxes already committed to various programs, salaries, materials, supplies, maintenance, services and equipment. Funding capital projects through the general fund would require either a new revenue source or a reduction of services.

The bond has set aside its largest share, $71.5 million, to put a significant dent in the estimate $200 million required to restore the entire sewerage system. We have to start somewhere and a failure to do anything is not an option and the Department of Justice and EPA are going to require the repairs one way or another. This way, the city is taking proactive steps to solving its own problems before being forced to by the federal government.

If the city cannot issue general obligation bonds then revenue bonds may be needed. Those revenue bonds would need to be backed or leveraged by a revenue source. That revenue source would likely be a substantial 29% increase in water-sewer rates.

Some of the larger projects could take several years to complete, while others will start and finish next year. Many projects require engineering and design work to be completed prior to construction. The total of $175 million in bonds likely will be issued in increments spanning 3-4 years as projects are ready to proceed.

Some of the projects listed are location specific while others are not; leaving flexibility in the funds for use in other neighborhoods if more immediate needs present - specific to the legal description, e.g. sewer rehab. The city maintains a prioritized list of projects based on input from City Council members, maintenance costs and current conditions of specific projects.

The city has entered into a legal agreement with the U.S. Department of Justice that it would finish all necessary ADA violation projects in an agreed upon time frame. Failure to do so will likely subject the city to fines. The projects include improvements to major facilities and will allow all residents and visitors to Shreveport to better enjoy all the features of the city.

Early voting has already started and will continue through March 26. Just go to the Caddo Register of Voters Office at 525 Marshall, Suite 103, between 8:30 a.m. and 6 p.m. For everyone else, the election is Saturday, April 2, 2011 between 6 a.m. and 8 p.m.